Aquirian : Cybem Acquisition Presentation

Disclaimer

ersonal use only

This presentation has been prepared by Aquirian Limited("Aquirian"). This document contains summary information about Aquirian, and its subsidiaries and activities, which is current at the date of this presentation. This presentation is general in nature and does not purport to be complete or contain all the information which a prospective investor may require in evaluating a possible investment in Aquirian or that would be required in a prospectus prepared in accordance with the Corporations Act. Recipients should conduct their own investigations and perform their own analysis of Aquirian, and its subsidiaries and activities, in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law or jurisdiction. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account a recipient's particular investment objectives, financial circumstances or needs. The opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Aquirian is not licensed to provide financial advice in respect of the securities of Aquirian. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments. Before making any investment decision, recipients should seek professional advice, including financial, legal, tax and accounting advice.

To the fullest extent permitted by law, Aquirian, its officers, employees, agents and advisors: (a) do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation; and (b) exclude and disclaim all responsibility or liability incurred by the recipient as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise.

This presentation may include forward-looking statements, including forecasts. Forward-looking statements are not guarantees or predictions of future performance. They are subject to known and unknown risks and uncertainties which are outside the control of Aquirian, and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Accordingly, actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this presentation are based on information available to Aquirian as at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Aquirian does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

Accelerating Innovation & Growth

2

Transaction Summary

Aquirian's acquisition of Cybem Mechanical Services will immediately increase and diversify earnings, while enhancing the Group's maintenance capabilities and expanding its service offering to new and existing clients

ersonal use only

Transaction Overview

Aquirian subsidiary Cybem Services Pty Ltd to acquire the business and assets of Cybem Mechanical Pty Ltd (Cybem) on a cash free / debt free basis

Enterprise value of $3 million which includes $1.5 million of plant & equipment, represents an implied acquisition multiple of ~2.89 x Cybem EBITDA*, before integration costs and potential synergies

Strategic Rationale

Aligned with corporate strategy to expand fleet service offering, diversify customer base and significantly increase earnings in Western Australia

Provides maintenance and component rebuild expertise to reduce supply risk, and broaden Aquirian's customer value offering

Funding

Acquisition to be 100% debt funded through a new five (5) year facility with National Australia Bank (NAB); Aquirian will remain in a positive net cash position on completionAn increase to the Company's equipment financing facility with NAB will occur simultaneously with the acquisition debt, increasing the facility to $7.5 million from $5 million currently

Positive Outlook

Acquisition is in line with the Group's stated strategy to grow fleet capability and services, and increase earnings, with a focus of positioning Aquirian as a leading provider in the marketEnables the development of new customer value propositions including the potential for fully maintained fleet offerings

*EBITDA refers to earnings before interest costs, taxation, depreciation and amortisation costs, based on historical unaudited CYBEM EBITDA averaged over the last 4 years ending in FY21(30 June)

Accelerating Innovation & Growth

4

Pro Forma Transaction Impact

Cybem Mechanical Services has averaged ~$9.5 million revenue and ~$1 million EBITDA1 over the last four (4) years (ending FY21). Transaction is expected to be accretive on an earnings per share basis by >20%3

ersonal use only

PRO FORMA FY22 EBITDA1,5

PRO FORMA FY 22 REVENUE5

• 1 EBITDA refers to earnings before interest costs, taxation, depreciation and amortisation costs

• 2 Aquirian Limited's revenue is based on the lower limit of current market full year revenue guidance

• 3 Cybem financials assumptions are based on unaudited average financial results over the last 4 completed financial years ending FY21, this is a historical comparison and not provided as a forecast for the integrated business

• 4 Aquirian Limited's EBITDA full year FY22 guidance is based on lower limit of current market revenue guidance multiplied by 3rd Quarter YTD EBITDA % of revenue

• 5 Charts are provided as an example of the potential results inclusive of the Cybem acquisition for Aquirian, using Cybem unaudited average financial results over the last 4 years (ending FY21)

PLEASE NOTE Financial impact of acquisition for Aquirian Limited for FY22 will include only Cybem' s Quarter 4 results

Accelerating Innovation & Growth

5